The Nigerian Senate on Tuesday praised President Bola Ahmed Tinubu and key anti-corruption agencies for their coordinated efforts that led to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List, a global watchlist for countries with deficiencies in combating money laundering and terrorism financing.
Leading the debate, Senator Emmanuel Udende, Chairman of the Senate Committee on Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC), representing Benue North East Senatorial District, sponsored a motion urging the Senate to officially commend the President and relevant stakeholders for what he described as “a major economic milestone and a victory for Nigeria’s global financial reputation.”
Speaking on the motion during plenary, Udende said:
“The essence of this motion is to bring to the fore the fact that Nigeria has been delisted from the FATF Grey List. The immediate effect was seen in the appreciation of the naira in the foreign exchange market, as investor confidence improved instantly. This singular act reassures the international community of Nigeria’s renewed commitment to transparency, accountability, and global financial standards.”
The lawmaker added that Nigeria’s delisting would reduce the risk of economic sanctions, improve access to global financial systems, and strengthen diplomatic and economic relations.
Contributing to the motion, several senators commended the development:
Senator Muntari Dandutse (Jigawa South West) said the delisting would “boost foreign direct investment and enable Nigeria’s anti-corruption fight to gain more international collaboration.”
Senator Karimi Sunday (Kogi West) applauded the EFCC for “restoring integrity to the Nigerian economy through aggressive anti-corruption enforcement.”
Senator Tokunbo Abiru (Lagos East) stated that the development was “a direct result of legislative reforms passed by the National Assembly to align Nigeria’s financial laws with global standards.”
Senator Jimoh Ibrahim (Ondo South) added that the delisting would “end years of suspicion on funds traced to Nigeria abroad and restore financial credibility in global transactions.”
The Senate unanimously adopted the motion and resolved to:
Commend President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), the EFCC, the ICPC, the Central Bank of Nigeria (CBN), and other regulatory bodies for their coordinated reforms.
Urge all financial and law enforcement agencies to sustain compliance with international anti-money laundering and counter-terrorism financing standards.
Encourage collaboration between the public and private sectors to deepen financial transparency and economic governance.
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Nigeria was placed on the FATF Grey List in 2021 due to strategic deficiencies in tackling illicit financial flows. Its removal from the list is expected to enhance international trade, stabilize financial transactions, and improve the nation’s economic outlook.
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